Eastern Europe News

Ukraine Working On New ‘Standby’ Aid Deal With IMF, Poroshenko Says EU Incomplete Without Ukraine

Board of Governors – International Monetary Fund (IMF)

Ukraine is working with the International Monetary Fund to put together a new aid package to replace the former one where Ukraine didn’t follow through on its obligations. With the emphasis on the Russian threat in the West, it seems the internationals are open to spending new money to prop up the Ukrainian government, even with massive corruption still ongoing.

Continued Corruption In Ukraine Halts Aid From IMF, Can It Service Its Debt Without It?

Ukraine has begun talks with the International Monetary Fund on a new standby deal that would replace the current $17.5 billion assistance program, the president’s parliamentary representative said on Friday, reported Reuters.

But the $17.5 billion package has been effectively frozen since April 2017 amid a slowdown in required economic reforms and efforts to tackle entrenched corruption. Kiev has banked only $8.7 billion originally made available under the deal and its debt obligations will peak in 2018-2020.

“This means that the IMF appreciated the reforms, the pace, the results of the reforms that we made within the framework of that program and are ready to provide us with another program,” she said on the sidelines of the Yalta European Strategy (YES) meeting in Kiev, added Reuters.

“We could manage without external borrowing if we did not have to repay old debts,” Poroshenko said in a speech at the Yalta European Strategy (YES) conference in Kyiv on September 14, reported RFERL.

I Wonder Why Ukraine Doesn’t Want To Set Up That Anti-Corruption Court The Way The IMF Wants It?

Poroshenko also declared that Ukraine belongs in the European Union and the NATO alliance.

“Ukraine’s entry into the EU and NATO will put an end to its ‘colonial status’,” he said.

Poroshenko also said the EU is “incomplete” without Ukraine.

“Why is that? Because our northeastern border, instead of the Urals, is the frontier of modern European civilization,” Poroshenko said at the conference, in comments quoted by the Interfax news agency, wrote RFERL.

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